Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News, single best Idea and
Speaker 1: we say good morning to you on a Monday after
Speaker 1: an exhausting week, and I really want to shout out
Speaker 1: here on Apple Podcasts, subscribe to The Big Take David
Speaker 1: Gura providing leadership there on the politics of the moment.
Speaker 1: David was on CNN with Caitlin Friday night and one
Speaker 1: of the members of that really good conversation stop the
Speaker 1: show and mention the value of the Big Take, producing
Speaker 1: twenty minutes of conversation on themes. I know David's working
Speaker 1: on an important view forward for America and Israel that
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Speaker 1: I can't say enough about The Big Take. The guest
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Speaker 1: two the team members here at Bloomberg Surveillance working on
Speaker 1: no sleep, usually it does better. Yes, a lot of
Speaker 1: politics today, but it was a joy to visit with
Speaker 1: Edward Yard Denny for an extended conversation. Ed Yard Denny
Speaker 1: is iconic back to CJ. Lawrence and all of his
Speaker 1: economics there who's out of Yale University and then iconic
Speaker 1: at CJ. Lawrence decades ago, and he has been, as
Speaker 1: you'll hear later, a permeable. He has been optimistic on
Speaker 1: the American economic experiment, and was absolutely brilliant during one
Speaker 1: about of gloom in October of two thousand, I believe
Speaker 1: twenty two he just really called that well. I really
Speaker 1: can't say enough about his short brief newsletter, the way
Speaker 1: he writes in common sense. He extrapolates out optimism in
Speaker 1: the roaring twenties. Dare I say Dow fifty thousand or
Speaker 1: Dow sixty thousand.
Speaker 2: I think we could get to sixty thousand by the
Speaker 2: end of the year that we'red forty. It's not a
Speaker 2: stretch to believe that over the remaining decade we could
Speaker 2: get to sixty thousand. And I've got the S and
Speaker 2: P five hundred going to eight thousand by the end
Speaker 2: of the decades. So it's a bull market. Look just
Speaker 2: take a look at a long term chart of the
Speaker 2: S and P five hundred, and what you see is
Speaker 2: that bear markets occur every now and then, but they
Speaker 2: don't last very long, and that the fundamental trend of
Speaker 2: the market is upwards along with the economy.
Speaker 1: Ed jar Denny there, and of course part of that
Speaker 1: is a concentration in these seven stocks and frankly other
Speaker 1: stocks tangential to them. It's a question of AI. I
Speaker 1: guess there's Apple intelligence, there's artificial intelligence, and your Denny
Speaker 1: on how he partitions AI.
Speaker 2: Well, artificial intelligence is certainly artificial, but I'm not convinced
Speaker 2: all that intelligent. But I want to be very precise
Speaker 2: about that. I think there's two versions of AI that
Speaker 2: we need to consider. One is so called open AI,
Speaker 2: and the other one is something that I would.
Speaker 1: Call closed AI.
Speaker 2: Open AI basically is open to all the information available
Speaker 2: on the Internet, and as we know, there's a lot
Speaker 2: of junk on the Internet, and open AI is going
Speaker 2: to contribute to it. It's going to kind of start
Speaker 2: making up some stories and some sources, and you know,
Speaker 2: I mean, we can fact check the fact check it
Speaker 2: along the way, but it's still going to be making
Speaker 2: a lot of mistakes.
Speaker 1: Bloomberg Technology, Caroline, they'll fact check you. Forward into Google earnings.
Speaker 1: I really want to emphasize I was wrong. I thought
Speaker 1: it was Friday. Paul Sweny tells me it's Tuesday, so
Speaker 1: that we're going to really begin to see the mag
Speaker 1: seven report. The first one was Google finally bonus round
Speaker 1: and Yard Denny, who has been optimistic on the American experiment,
Speaker 1: and I asked him about the value of studying those
Speaker 1: fearful as a trout out notes of caution and gloom.
Speaker 2: And I guess I've been accused of being a perma bull,
Speaker 2: but I think that's a consequence of reading what the
Speaker 2: perma bears are saying and just trying to provide some balance.
Speaker 2: So if you provide some balance, you come out as
Speaker 2: a perma bull. And again, if you look at the
Speaker 2: long history of the stock market, makes more sense to
Speaker 2: be bullish on a more often than bearish. But the
Speaker 2: crew I think provides some very good, intelligent analysis of
Speaker 2: what could possibly go wrong. And then I step in
Speaker 2: and say, okay, well where might they be wrong?
Speaker 1: And your Denny there of your Denny research, and I
Speaker 1: can't say enough about his research notes very reasonably priced.
Speaker 1: Look for them out on oh the internet and in
Speaker 1: his website. Your Denny Research run Apple card Player and
Speaker 1: Android Auto as well, and on YouTube. I want to
Speaker 1: take a moment here. Somebody stopped me in the street
Speaker 1: this weekend and said, how's it going, And I said,
Speaker 1: we're like basically humble at this new digital experiment and
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